Vabreko: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
Vabreko
Largest movements
- Receivables within one year +€611,096
up €611,096 (+229%), from €266,635 to €877,731
of which Other amounts receivable: +€626,096
- Cash -€274,969
down €274,969 (-21.2%), from €1.3m to €1.0m
mainly Receivables within one year (-€611,096) and Contributions, distributions and other (-€196,674)
- Tangible fixed assets -€97,326
down €97,326 (-5.8%), from €1.7m to €1.6m
of which Land and buildings: -€70,491
- Current investments +€46,693
up €46,693 (+36.4%), from €128,103 to €174,795
- Reserves +€394,630
up €394,630 (+15.5%), from €2.6m to €2.9m
of which Distributable reserves: +€352,530
- Debts after one year -€90,346
down €90,346 (-17.8%), from €508,064 to €417,718
- Tax, wage and social debts +€62,584
up €62,584 (+395%), from €15,857 to €78,442
- Trade debts -€44,658
down €44,658 (-87.2%), from €51,230 to €6,573
- Gross operating margin +€191,070
up €191,070 (+25.0%), from €764,248 to €955,318
- Taxes +€56,554
up €56,554 (+27.7%), from €204,189 to €260,743
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,382,852 | €3,668,356 | +€285,505 | +8.4% |
| Fixed assets | 21/28 | €1,690,527 | €1,593,201 | -€97,326 | -5.8% |
| Tangible fixed assets | 22/27 | €1,673,027 | €1,575,701 | -€97,326 | -5.8% |
| Land and buildings | 22 | €1,582,794 | €1,512,302 | -€70,491 | -4.5% |
| Plant, machinery and equipment | 23 | €3,420 | €2,565 | -€855 | -25.0% |
| Furniture and vehicles | 24 | €86,813 | €60,834 | -€25,980 | -29.9% |
| Financial fixed assets | 28 | €17,500 | €17,500 | = | 0.0% |
| Current assets | 29/58 | €1,692,325 | €2,075,155 | +€382,830 | +22.6% |
| Amounts receivable within one year | 40/41 | €266,635 | €877,731 | +€611,096 | +229% |
| Trade receivables | 40 | €15,000 | €0 | -€15,000 | -100% |
| Other amounts receivable | 41 | €251,635 | €877,731 | +€626,096 | +249% |
| Current investments | 50/53 | €128,103 | €174,795 | +€46,693 | +36.4% |
| Cash at bank and in hand | 54/58 | €1,296,498 | €1,021,529 | -€274,969 | -21.2% |
| Deferred charges and accrued income | 490/1 | €1,089 | €1,100 | +€11 | +1.0% |
| Total equity and liabilities | 10/49 | €3,382,852 | €3,668,356 | +€285,505 | +8.4% |
| Equity | 10/15 | €2,569,132 | €2,963,763 | +€394,630 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €2,550,532 | €2,945,163 | +€394,630 | +15.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €189,450 | +€42,100 | +28.6% |
| Distributable reserves | 133 | €2,401,322 | €2,753,853 | +€352,530 | +14.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €813,719 | €704,594 | -€109,125 | -13.4% |
| Amounts payable after more than one year | 17 | €508,064 | €417,718 | -€90,346 | -17.8% |
| Financial debts | 170/4 | €508,064 | €417,718 | -€90,346 | -17.8% |
| Amounts payable within one year | 42/48 | €303,655 | €280,195 | -€23,460 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €122,677 | €90,346 | -€32,331 | -26.4% |
| Trade debts | 44 | €51,230 | €6,573 | -€44,658 | -87.2% |
| Suppliers | 440/4 | €51,230 | €6,573 | -€44,658 | -87.2% |
| Taxes, remuneration and social security | 45 | €15,857 | €78,442 | +€62,584 | +395% |
| Taxes | 450/3 | €15,857 | €78,442 | +€62,584 | +395% |
| Other amounts payable | 47/48 | €113,890 | €104,834 | -€9,056 | -8.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €6,681 | +€4,681 | +234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,936 | €105,057 | +€4,121 | +4.1% |
| Other operating charges | 640/8 | €8,828 | €10,097 | +€1,269 | +14.4% |
| Gross operating margin | 9900 | €764,248 | €955,318 | +€191,070 | +25.0% |
| Operating profit (loss) | 9901 | €654,484 | €840,164 | +€185,680 | +28.4% |
| Financial income | 75/76B | €33,738 | €37,156 | +€3,418 | +10.1% |
| Recurring financial income | 75 | €33,738 | €37,156 | +€3,418 | +10.1% |
| Financial charges | 65/66B | €24,897 | €25,273 | +€376 | +1.5% |
| Recurring financial charges | 65 | €24,897 | €25,273 | +€376 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €663,325 | €852,046 | +€188,722 | +28.5% |
| Income taxes | 67/77 | €204,189 | €260,743 | +€56,554 | +27.7% |
| Profit (loss) for the period | 9904 | €459,136 | €591,304 | +€132,168 | +28.8% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €459,136 | €549,204 | +€90,068 | +19.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.